Tech giant announces job cuts

Twitter has confirmed it will be shutting down its video app Vine in a bid to turn a profit for the first time – but the bold move means hundreds of employees will soon be out of a job.

"We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth,” said CEO Jack Dorsey, who returned to the helm last year.

The firm also revealed revenues in the third quarter were up eight per cent on 2015 at $616 million for the three months to the end of September last year. However, the social media platform still made a net loss of $102 million for the same period – an improvement on last year's loss of $132 million for the period.

Now, the San Francisco-based company – which has been struggling amid competition from Facebook, Snapchat and Instagram – is planning to concentrate on live video, aiming to be the “go-to” place for real-time options.

Around 350 roles are expected to be dissolved – equivalent to nine per cent of the company’s workforce – and Dorsey confirmed a budget of between $10 million and $20 million for restructuring.